AsianFin -- For nearly two and a half years, Bao Fan, one of China’s most influential investment bankers, vanished from public view. In February 2023, his own company, China Renaissance Holdings, confirmed he was “cooperating with an investigation.” After that, silence — punctuated only by market speculation, brief corporate announcements, and the occasional rumor that he might soon be back.
Now, multiple sources say the 54-year-old financier has been released. The man who built China Renaissance into a powerhouse of tech dealmaking — and who earned the moniker “M&A King” for his role in stitching together the country’s internet titans — has reemerged. But the empire he founded has moved on without him.
Bao’s last public appearance was in December 2022, at a science awards ceremony in Beijing. Within weeks, the Hong Kong-listed China Renaissance stunned investors with an announcement: its founder and chairman was unreachable. Days later, the firm said Bao was assisting authorities with an unspecified inquiry.
Media outlets, citing people familiar with the matter, linked his case to a corruption probe involving the company’s then-president, Cong Lin, over alleged irregularities in ship-leasing deals. Cong, a veteran of Industrial and Commercial Bank of China’s leasing arm, had joined China Renaissance in 2018.
The detention stretched far beyond the six-month limit permitted under standard supervisory measures, feeding speculation. At least three times in those 894 days, insiders hinted at Bao’s imminent return. Each time, the whispers proved premature.
While Bao was away, China Renaissance underwent a quiet but sweeping transformation. In early 2024, he formally resigned from all executive and board roles, citing health and family matters. His wife, Xu Yanqing, a businesswoman in private aviation, stepped into the role of board chair later that year.
Day-to-day control shifted to Wang Lixin, a 17-year company veteran who had risen from entry-level analyst to chief executive. Wang launched what he called “China Renaissance 2.0,” signalling a generational shift. Management ranks were overhauled; the company sought to diversify its portfolio and reposition for a post-internet-investment era.
When asked about Bao’s personal status, the firm has been blunt: it is a private matter.
Bao’s résumé reads like a chronicle of China’s internet boom. Born in Shanghai in 1970, he worked at Morgan Stanley and Credit Suisse before founding China Renaissance in 2005.
The firm became the go-to adviser for blockbuster mergers: Didi and Kuaidi in ride-hailing, Meituan and Dianping in food delivery, 58.com and Ganji in classifieds. By 2015, more than 70% of China’s major internet M&A transactions had involved Bao’s team. That same year, Bloomberg Markets named him the 22nd most influential figure in global finance.
After its 2018 IPO in Hong Kong, China Renaissance shifted toward healthcare, advanced manufacturing, and new energy. But the broader slowdown in Chinese tech investment after 2021 made the high-growth days harder to sustain.
Bao’s release on August 8 triggered an immediate market rally: China Renaissance shares jumped nearly 17%, hitting their highest price this year. Investors cheered the symbolic end of a long, uncertain chapter.
Yet there is little sign he will return to the helm. The company says he is not involved in management or operations. For now, Bao’s role appears to be limited to that of the largest shareholder — holding nearly 49% of the firm through his wife’s declared interests.
Whether the “M&A King” will seek a new arena remains to be seen. In China’s fast-evolving financial landscape, two years is a long time to be absent — and the court of dealmaking may have already crowned new heirs.
For many in China’s venture capital and tech world, Bao’s name was once a litmus test: if you hadn’t dealt with him, your business probably wasn’t big enough. His ability to connect founders, capital, and opportunity reshaped industries.
Now, as he steps back into public life, Bao returns to a financial sector more tightly regulated, more cautious, and less reliant on the swashbuckling style that made his reputation.
The king is back — but his throne may be gone.
